Bank officials have said they will insist on a 7 per cent pay rise as part of any new partnership agreement.
Speaking as talks got under way in Government Buildings today, Mr Larry Broderick, general secretary of the Irish Bank Officials Association (IBOA), said the economy was buoyant again and productivity and tax revenue were rising.
"IBOA will be insisting at today's talks that employers, particularly profitable ones, reward employees with adequate wage increases.
"Productivity in the private sector has substantially increased, yet staff are not getting the financial reward they deserve. IBOA believe a net wage increase of 7 per cent over the 18 months of the pay deal will go some way towards meeting the expectations of our members."
Mr Broderick added that it was "nonsensical" not to have a local bargaining clause in a new agreement.
"In our own sector, financial institutions report billion euro profits, yet the people, who generate the profits i.e. the staff, are prevented from benefiting through the absence of a local bargaining clause. We must be free to negotiate locally with highly profitable organisations, it just does not make economic sense and creates a lot of ill-feeling among our members that the only people who benefit in such organisations are highly paid senior executives."
The IBOA general secretary said events in banking in recent months had the potential to create "serious adverse economic implications" for the economy, given that banking contributes 4.6 per cent to GNP.
"IBOA will be seeking the support of Government and the social partners for the establishment of a 'Forum on Banking' to address the underlying reasons behind these revelations. We believe this should be inclusive and based on the successful social partnership model that has driven our economic success."
Adding that there was a need for the pay talks to address the concerns of hundreds of thousands of workers in the private sector, Mr Broderick concluded: "The issue of ownership of public services is important, but we must also remain focussed on the fact that trade union members expect these talks to deliver real tangible benefits, measured in euros and cents."
Meanwhile, the Chambers of Commerce of Ireland (CCI) called for the second round of the Sustaining Progress pay talks to be suspended until issues surrounding the break-up of Aer Rianta and decentralisation have been resolved.
The call was made in light of newspaper reports indicating that the Taoiseach, Mr Ahern sees the restructuring of Aer Rianta and decentralisation as the key issues in the talks.
Speaking this morning, CCI President Mr Mark Staunton said that while he recognised that public service reform was "a vital agenda" and "one on which we are not getting enough progress", the only place it had in the new pay talks is "in terms of delivering greater productivity amongst and cutting the numbers of public sector employees."
SIPTU general president Mr Jack O'Connor has said the needs of lower-paid workers will be at the top of the unions' agenda in the talks. The first phase the Sustaining Progress deal, agreed in January 2003, expires this month.
The employers' body, IBEC, is opposed to demands for a minimum increase for those on low pay. This kind of increase was included in previous agreements, but there was no such provision in the 18-month agreement negotiated last year.